There can be little doubt that American consumers' balance sheets are under duress. Their $14 trillion in debt has now reached 100% of annual G.D.P., record territory and far above its multi-decade average.
It now takes about 10 cents on every tax dollar collected just to pay the interest on the debt. As bad as that is, it's only because interest rates are at record lows that the debt is still manageable.
Our economy is tied to the U.S. economy and the U.S. Republican policies have failed. Most South African analysts believe a black U.S. president will more easily de-polarize the world and undo the divide between the East and West.